JMI Equity has promoted former principal Brian Hersman to general partner.
Hersman joined JMI in 2008 and is based in the firm’s San Diego office. He was previously a senior associate at Vista Equity Partners and a business analyst at McKinsey & Company. His promotion brings the total number of general partners at JMI to seven, according to the firm’s website.
“Brian consistently adds value to our portfolio companies, including to the three JMI investments he has led – BigMachines, Innovative Interfaces and PowerPlan,” said Harry Gruner, JMI founder and managing general partner, in a statement.
Last week, JMI acquired insurance software company Applied Systems for $1.8 billion, investing alongside Hellman & Friedman. The two firms bought the company from Bain Capital, which generated a 4x return multiple on the exit.
In July, JMI promoted Charles Dieveney to the newly created position of chief operating officer and Randy Guttman to chief financial officer. The promotions also included former vice presidents Matt Emery and David Greenberg, who were promoted to principals in San Diego and Baltimore, respectively.
JMI is investing its Fund VII, which held a final close on $875 million in 2010. The firm invests in software, Internet, business services and healthcare IT companies and manages more than $2.1 billion of committed capital.
JMI was founded in 1992 and has invested in 110 businesses in its target markets, providing capital for growth, recapitalisations, acquisitions and buyouts.